Tariffs: Just An Inconvenience or an Overdue Payments Push?
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The Guardian
26 minutes ago
- The Guardian
Newcastle close to signing Forest's Anthony Elanga with improved £55m offer
Newcastle United are optimistic of striking a deal to sign the Nottingham Forest forward Anthony Elanga after submitting an improved offer worth about £55m. Last week Newcastle had a £45m bid rejected but have returned with an increased offer. Newcastle and Eddie Howe are long-term admirers of Elanga, who featured for Forest in every Premier League match last season, scoring six goals and providing 11 assists as Nuno Espírito Santo's side qualified for the Europa Conference League, returning to European competition for the first time since 1995-96. Newcastle qualified for the Champions League after finishing fifth. Newcastle are yet to finalise a deal for the 23-year-old but have been given encouragement that they are nearing an agreement. The Sweden forward joined Forest from Manchester United, who are thought to have inserted a sell-on clause in the £15m deal that took Elanga to the City Ground two years ago. He has scored 11 goals in 83 appearances for Forest, where he is under contract until 2028.
Daily Mail
an hour ago
- Daily Mail
Don't hike tax again, pleads Currys boss: Alex Baldock warns Chancellor another raid will hurt jobs and lead to higher prices
The boss of Currys has warned Chancellor Rachel Reeves that further tax hikes will hurt growth and jobs as retailers are still reeling from her last Budget. Chief executive Alex Baldock said the Government should 'think very carefully before they make the situation any worse'. But shares in Currys soared as he insisted the UK's biggest electronics retailer could 'swim against the tide'. Baldock's warning came as experts poured cold water on Labour's claims to have fixed the economy since coming to power. Leading economists warned of the inevitability of tax rises after Keir Starmer's welfare bill humiliation blew a £5billion hole in the public finances. 'Recent policy decisions mean that in the absence of tax hikes or alternative spending cuts, fiscal rules would be broken in the autumn,' Bruna Skarica, chief UK economist at Morgan Stanley, said.'We think tax hikes look most likely.' But Baldock warned that would result in fewer jobs, less investment and higher prices for consumers. He said Currys cut back on hiring after Reeves raised employer national insurance contributions and the minimum wage. Baldock said: 'We want to be helping to grow the economy and bring investment into the UK.... retailers would like to do it and would be able to do more of it with a more helpful policy environment. 'The tax burden retailers already suffer is dampening the contribution we could make, any further tax burden would further dampen growth, investment and employment and increase prices.' The National Institute of Economic and Social Research (NIESR) spelled out the Chancellor's predicament, saying she had sowed uncertainty with a prolonged gap between the election and her first Budget and an 'erosion of confidence'. As public finance figures worsened, firms worried about further tax rises, making them reluctant to invest and hire. And with U-turns, from winter fuel payments to welfare, as well as plans to hike defence spending, Reeves must find money from somewhere. Ben Caswell, economist at NIESR, said it was likely to mean 'significant tax rises' with current policies 'not sustainable'. Currys yesterday reported annual profits of £162million, 37 per cent up on a year earlier. Group revenue rose 3 per cent to £8.7billion in the 12 months to May 3. UK sales were driven by demand for Currys' mobile phone and computing businesses. It also reported that health and beauty products were growing fast. The recent heatwave has boosted sales of fans, air conditioning units and barbecues. The balance sheet is the strongest in a decade, with net cash of £184million. Currys reinstated its dividend for the first time in two years as it proposed a payout of 1.5p per share. Shares closed 7.1 per cent, or 8.4p, higher at 126.9p.
Reuters
an hour ago
- Reuters
Italian lender BPER boosts Pop Sondrio bid to $6.39 billion
July 3 (Reuters) - Italian lender BPER ( opens new tab has increased its bid for smaller rival Popolare di Sondrio ( opens new tab to 5.44 billion euros ($6.39 billion), the bank said on Thursday, heating up the race in the country's financial sector that has seen a flurry of deals and offers. The bid represents a premium of 3% based on Popolare di Sondrio (BPSO) shares' last closing price, valuing the bank at 5.44 billion euros, according to Reuters' calculation. The revised offer includes 1.450 newly issued BPER shares and an additional cash consideration of 1.00 euro per BP Sondrio share. The bid comes just a day after Italy's antitrust authority, AGCM, conditionally approved BPER's deal for BPSO, stating that BPER is required to sell six branches, which includes 5 of BPER and 1 of BP Sondrio, within 10 months. BPER and BPSO have in common their main shareholder, insurer Unipol , which distributes its products through both banks. Unipol agreed to BPER's bid last week. In February, BPER joined in a raft of takeover bids rocking the country's financial sector, with an initial offer of 4.3 billion euros for all BPSO shares. BPER's market capitalisation of about 10.9 billion euros is more than double mid-sized lender BPSO's market value of 5.32 billion euros, according to LSEG data. The increased offer from Italy's fourth-largest bank comes just weeks after BPER Chief Executive Gianni Franco Papa said that the bank would stick to its current bid. Italy's banking sector has in the last year witnessed a wave of bids and offers, including UniCredit's ( opens new tab all-share offer for smaller peer Banco BPM ( opens new tab, creating a complex web of deals between some of its biggest players. ($1 = 0.8511 euros)
